Dubai – Mubasher: The UAE’s stock markets are expected to see some stable performance during Monday’s trading session, especially as there are no updates regarding the initial public offering (IPO) of Emaar Development, analysts told Mubasher.
On Sunday, the Dubai Financial Market (DFM) shed 0.8%, while the Abu Dhabi Securities Exchange (ADX) decreased 0.16%.
UAE bourses were impacted negatively during Sunday’s trading activities after on Emaar Properties’ unclear decisions on the stake, in Emaar Development, it was planning to list on the DFM, market analyst Mohanad Oraykat said.
By the end of Sunday’s session, Emaar Properties’ stock declined 2.06% after the company stated that it expects to sell 20% stake of its subsidiary in November.
Emaar said previously that it will list up to 30% of its subsidiary and distribute the dividends on the parent company’s shareholders.
UAE stock markets’ main indices are facing important resistance levels at present, Oraykat added, forecasting that the UAE’s bourse indices will try to exceed their resistance levels during Monday’s trading session.
Regarding the DFMGI, the analyst indicated that it may not continue its drop, especially as it closed above 3,640 points.
If the stock markets' indices fail to exceed their current levels, they may resume their negative trend, Oraykat concluded.
Translated by: Mohamed Hesham Azab
